CANADA STOCKS-TSX may open higher as commodities rise

Tue Jul 3, 2012 8:18am EDT
 
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July 3 (Reuters) - Canada's resource-heavy benchmark index looked set to open higher on Tuesday after a long holiday weekend, buoyed by higher commodity prices and rising hopes for an European interest rate cut.

TOP STORIES

* Euro zone factory prices fell more than expected in May as the cost of energy dropped sharply and made an even stronger case for an interest rate cut as early as this week to help the region's stagnant economy.

* Barclays CEO Bob Diamond quit under a barrage of fire from politicians, the highest-profile casualty of an interest rate-rigging scandal that spans more than a dozen major banks across the world.

* Microsoft admitted its largest acquisition in the Internet sector was effectively worthless and wiped out any profit for the last quarter, as it announced a $6.2 billion charge to write down the value of an online advertising agency it bought five years ago.

* Aquila Resources Inc said joint venture partner HudBay Minerals Inc has decided to suspend development activities at the Back Forty zinc project in Michigan due to its capital commitments to other development projects.

* Canadian oil and gas company Cequence Energy Ltd said Open Range Energy Corp has terminated an agreement to sell itself to Cequence as it received a better offer.

MARKET SNAPSHOT

* Canada stock futures traded up 0.29 percent   Continued...